US Administration Can Freeze Russian Crypto Assets, Warns Bank Chief
Russian banking sector officials have warned that cryptocurrency assets could be frozen on instructions from the US administration. The warning comes as Tether Limited, the issuer of the popular USDT stablecoin, retains full control over its issued funds.
Petr Fradkov, CEO of PSB, a key bank for Russia's military-industrial complex, explained that Tether can 'freeze' funds in accounts not only of owners linked to unlawful activity but also on instructions from the US administration. He noted that there have already been cases of this happening, citing significant assets held by people in Iran and Russia.
Fradkov emphasized that despite the digital nature of cryptocurrency, its underlying reliance on the dollar and the US debt market 'does not disappear'. This means that even modern digital instruments can remain fully controlled by their issuers.